Walt Disney Co begins 7,000 layoffs FMTNews FMTBusiness
LOS ANGELES: Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more “streamlined” business, according to a letter chief executive Bob Iger sent to employees and seen by Reuters.
They started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth. “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger wrote, noting that many “bring a lifelong passion for Disney” to their work.
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